Preferred Residential Securities 05-1 plc


As Agent Bank, please be advised of the following rate determined on:15-Sep-2008
Issue               : Preferred Residential Securities 05-01 plc - Class A2c
                      GBP 218,600,000 Mortgage Backed FRN Due 15 Jun 2043
ISIN Number         : XS0217069656
Common Code/        : US740378AF16
144A ISIN
Issue Nomin     GBP : 218,600,000.00
Period              : 15-Sep-2008 to 15-Dec-2008    Payment Date 15-Dec-2008
Number of Days      : 91
Rate                : 5.875                     Pool Factor:    0.3044168
Denomination GBP    : 15,220.84

Amount Payable
per Denomination    : 222.33

Bank of New York
Rate Fix Desk               Telephone 44 1202 689580
Corporate Trust Services    Facsimile 44 1202 689601



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